This is what makes Solo Accounts so simple

Accounting Systems

Solo Accounts

Double Entry:

This means every record has 2 entries, these will be a combination of debits, credits, assets, liabilities, income, expense or equity. They will be entered as spend or receive money or debtors/creditors or a journal.

Single Entry:

Records are entered as
income or expense,
paid or unpaid.

Bank Reconciliation:

Every amount MUST be entered in every account to be able to reconcile. This includes personal amounts.
eg. Bank accounts, credit cards, PayPal, loan accounts, petty cash etc.

Choice of Reconciling:

You can enter only business amounts (personal optional).
Enter all amounts/accounts the same way.

Bank Feeds: Helpful or not ??

They need to be set up, monitored & approved each time.
Feeds upload all amounts including personal.
Intuitive software is guessing and needs to be checked.

Control your data input:

Only enter what you need.
Minimal data entry only requires a couple of clicks.

Add ons:

Watch for quantity limitations and extra costs for “add on” features.
Are the reports generated suitable for Australia taxes?